A very few sellers will finance the sale. It is simply a contract with the seller to take back a mortgage at a certain interest rate for a certain number of years with a specified down payment. All the same rules apply. If payments are not made on time or not at all the seller will forclose and you will lose all that you have paid. It generally is a higher rate of interest but there is less in closing costs.
Please contact me with the specifics of the home that you would like to have along with the payments you can make and the amount of downpayment that fits your budget and I will search to see if anything is available.
Earl W. Mills
Do you mean you have no job or do you mean you don't have money for a down payment?
If you have no job, then you cannot qualify for a mortgage. Lenders look at 3 things primarily when evaluating an applicant: Credit, Income, and Down Payment.
If you don't have any savings, then there are a couple things you can do.
1. Wait until you can save some money
2. Get a gift from a family member
3. Seek out a 0% down program
Saving money is important if you want to be a home owner. Being able to afford the payment is only one aspect of owning a home. In addition to saving up for a down payment, you also need to be prepared for the unexpected. When your furnace goes out or you need a new roof there is no landlord to take care of it for you. If something like this would cripple you then maybe it's better to rent.
FHA loans permit you to get a gift from a relative for any funds needed to purchase a home - down payment, closing costs, taxes, etc. This is a good program for people who are well qualified but maybe challenged in the funds department.
There are a small handful of 0% down loans available, but usually the require special qualifications and not every one can get them. VA, for example, is a loan program for Veterans only. To get a USDA loan, you need to be purchasing a home in a qualified area AND your household income cannot exceed certain limits.
Feel free to give me a call and I can walk you through your options.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
Searching online is a great start for a home buyer. However, once you have decided on an area it more effective to select a Realtor that know the area and has up to date information on the status of homes for sale. Given your criteria that Realtor will be able to provide for your review only homes that are available for sale.
Earl Mills, Frog Realty
Email: firstname.lastname@example.org... more
Some fees are negotiable, however it will depend on what this 3.5% covers as there are many other items paid by the buyer at closing. I suggest that you contact at least two other lenders that are local to the area in which you are planning to build . They will give you a Good Faith Estimate showing all the costs in involved on your particular loan amount.
Earl Mills, Frog Realty
850-443-7769 email email@example.com... more
Lease to own is not a very hard thing to do and as far as qualify totally depends on who the owner is ultimately they will have the finally call on whether they will agree to a lease option contract. If you decide not to use a Realtor I would strongly suggest you consult an attorney to insure your interest are considered... more